Sobha Ltd.

•

sobha.comBSE: 532784NSE: SOBHA

Market Cap₹ 13,232 Cr.

Current Price

High / Low₹ 1,732 / 1,130

Stock P/E57.4

Book Value₹ 446

Price to Book2.69

Dividend Yield0.48 %

ROCE7.0 %

ROE4.2 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Real estate: 81.1% • Contractual & Manufacturing: 18.9%

AI Sector View

AI GENERATED

Realty

Buy

Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.

Confidence

75%

View full sector analysis →

PROS

Company has delivered good profit growth of 25.4% CAGR over last 5 years
Latest quarter profit grew 273.4% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 19.7% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.79x)
Company has been maintaining a healthy dividend payout of 33.2%

CONS

A large part of profit comes from other income (74.4% of PBT)
Company has a low return on equity of 2.9% over last 3 years
Company has a low return on capital employed of 6.9%
Receivables are growing faster than sales - a possible quality concern
Operating margins have contracted to 6.0% from 14.0%
Equity base is being diluted - shares outstanding up 12.8%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

RealtyRealtyConstruction - Real Estate

Part ofNIFTY TOTAL MKT NIFTY REALTY NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	DLF	655.00	36.47	162132.92	1.22	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1172.00	28.39	117122.07	0.36	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1890.00	52.81	67601.12	0.13	394.51	22.95	1074.94	12.80	15.41	59.77
4.	PRESTIGE	1543.95	58.39	66502.59	0.13	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1785.00	24.68	64903.00	0.45	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1869.00	35.18	56299.23	0.54	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	ANANTRAJ	608.70	37.86	21905.71	0.16	149.19	18.50	631.40	6.58	12.23	29.53
8.	BRIGADE	651.35	30.58	21250.90	0.23	216.94	37.35	1115.55	-12.93	11.02	32.33
9.	ABREL	1336.50	112.87	14928.13	0.19	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1237.20	57.37	13232.33	0.48	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	772.75	10.42	10871.51	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	MAXESTATES	557.20	788.19	9113.84	0.00	8.35	-30.00	51.91	0.86	2.05	15.65

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	908	741	685	763	640	934	1,224	1,241	852	1,408	943	1,988	1,278
	843	666	611	701	584	856	1,157	1,147	828	1,312	904	1,836	1,261
Operating Profit	65	75	74	62	56	77	67	94	24	96	39	152	17
OPM %	7.20%	10.18%	10.82%	8.14%	8.73%	8.26%	5.49%	7.58%	2.79%	6.80%	4.11%	7.66%	1.35%
	31	32	29	28	29	32	33	30	49	62	40	42	52
Interest	61	64	61	59	54	49	47	45	31	32	30	44	32
Depreciation	18	19	20	21	20	23	23	23	24	26	28	28	28
Profit before Tax	17	25	21	11	11	36	29	56	19	99	21	122	69
Tax %	30.25%	39.40%	29.39%	35.56%	45.41%	27.99%	26.41%	27.33%	26.97%	26.69%	24.59%	24.55%	26.44%
Net Profit	0	0	0	0	6	26	22	41	14	73	15	92	51
	1.27	1.58	1.59	0.74	0.64	2.60	2.15	3.83	1.27	6.78	1.44	8.59	4.75

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,229	2,783	3,442	3,754	2,110	2,561	3,310	3,097	4,039	5,190	5,617
	1,809	2,263	2,769	2,639	1,435	2,028	2,941	2,820	3,744	4,880	5,313
Operating Profit	420	520	673	1,115	675	533	370	277	294	310	304
OPM %	18.83%	18.67%	19.56%	29.71%	32.00%	20.80%	11.16%	8.95%	7.29%	5.98%	5.41%
	39	50	73	72	81	84	92	121	124	193	196
Interest	150	198	236	682	601	308	249	246	196	137	139
Depreciation	64	54	62	72	79	72	68	78	90	106	111
Profit before Tax	258	317	448	433	75	237	145	74	133	260	311
Tax %	37.64%	31.62%	33.74%	34.97%	17.17%	26.81%	28.12%	33.83%	28.81%	25.57%	25.65%
Net Profit	161	217	297	282	62	173	104	49	95	193	231
EPS	16.59	22.67	31.33	29.69	6.57	18.27	10.99	5.18	8.85	18.09	—
Dividend Payout %	14.98%	30.61%	22.35%	23.57%	53.30%	16.43%	27.31%	57.94%	33.88%	33.18%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 20%
3 Years:: 16%

COMPOUNDED PROFIT GROWTH

10 Years:: 3%
5 Years:: 25%
3 Years:: 23%

STOCK PRICE CAGR

10 Years:: 15%
5 Years:: 10%
3 Years:: 25%
1 Year:: -22%

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 4%
3 Years:: 3%
Last Year:: 4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	96	95	95	95	95	95	95	95	107	107
	2,548	2,675	2,134	2,336	2,333	2,328	2,400	2,419	4,454	4,613
	2,225	2,335	2,612	3,124	3,069	2,553	2,127	1,516	1,190	987
Trade Payables	769	720	1,133	957	732	447	599	617	565	828
	3,254	3,200	4,672	4,498	4,979	6,094	7,346	8,924	10,651	12,591
Total Liabilities	8,893	9,025	10,646	11,010	11,208	11,517	12,566	13,571	16,966	19,125
	317	280	297	499	480	449	441	496	551	655
Capital Work in Progress	1	0	0	0	0	0	0	0	0	0
	0	112	113	114	114	115	115	115	115	120
	5,096	4,835	6,517	6,704	7,125	7,652	8,761	9,376	11,252	12,826
	0	0	0	0	0	0	0	165	186	277
Cash & Bank	147	119	177	88	204	178	451	673	1,809	1,504
	3,332	3,678	3,542	3,604	3,285	3,123	2,798	2,745	3,054	3,744
Total Assets	8,893	9,025	10,646	11,010	11,208	11,517	12,566	13,571	16,966	19,125

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	422	437	294	401	639	878	1,218	647	200	430
Cash from Investing	2	-129	-61	-307	-33	38	-237	-475	-1,180	-97
Cash from Financing	-345	-243	-86	-84	-483	-889	-773	-338	993	-285
	10	-18	58	-97	96	-25	140	-166	13	48

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.28	52.77	52.77	52.88	52.88	52.88	52.88	52.88	52.88
	11.48	10.93	10.03	8.91	8.09	6.41	6.26	6.23	6.12
	18.60	23.44	24.16	23.98	24.62	26.04	25.78	26.10	25.99
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	17.65	12.87	13.05	14.24	14.41	14.68	15.08	14.79	15.00

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-07-27

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-27 - Sobha Limited has informed the Stock Exchange about the Transcript of Conference Call held on July 21, 2026.

2026-07-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-21 - Sobha Limited has informed the Exchange about the link of Audio Recording of Conference Call held on July 21, 2026.

2026-07-21

Copy of Newspaper Publication

2026-07-21 - Advertisement in Newspapers about Financial Results for the quarter ended June 30, 2026.

2026-07-20

Press Release

2026-07-20 - Sobha Limited has informed the Exchange about Press Release titled Operational and Financial Performance for Q1 FY 2027.

2026-07-20

General Updates

2026-07-20 - Sobha Limited has informed the exchange about Investor Presentation Q1 FY 2027.

2026-07-20

Monitoring Agency Report

2026-07-20 - Sobha Limited has informed the Exchange about the Monitoring Agency Report related to Rights Issue for the quarter ended June 30, 2026.

2026-07-20

Statement of deviation(s) or variation(s) under Reg. 32

2026-07-20 - Sobha Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32

2026-07-20

Outcome of Board Meeting

2026-07-20 - Sobha Limited has informed the Exchange regarding approval of issuance of Non-convertible Debentures.

2026-07-20

Outcome of Board Meeting

2026-07-20 - Sobha Limited has informed the Exchange regarding outcome of Board meeting held on July 20, 2026.

News

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